| 证券代码：688131 | 证券简称：皓元医药 | 公告编号：2025-098 | | --- | --- | --- | | 转债代码：118051 | 转债简称：皓元转债 | | 上海皓元医药股份有限公司 关于调整可转换公司债券"皓元转债"转股价格暨 转股停复牌的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 证券停复牌情况：适用 因公司 2023 年限制性股票激励计划第二类限制性股票完成归属导致"皓元转 债"转股价格调整,本公司的相关证券停复牌情况如下： | | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | | 皓元转债 | 可转债转股停 牌 | 2025/8/4 | 全天 | 2025/8/4 | 2025/8/5 | | 证券代码 118051 | | | | | | | 经中国证券监督管理委员会《关于同意上海皓元医药股份有限公司向不特定 对象发行可转换公司 ...

证券之星消息，7月30日医疗服务板块较上一交易日下跌1.45%，皓元医药领跌。当日上证指数报收于 3615.72，上涨0.17%。深证成指报收于11203.03，下跌0.77%。医疗服务板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 301096 | 百诚医药 | 54.58 | 7.65% | 11.38万 | | 6.09亿 | | 688710 | 益诺思 | 46.53 | 3.86% | 5.10万 | | 2.36亿 | | 300683 | 海特生物 | 51.98 | 2.71% | 17.99万 | | 8.88亿 | | 600721 | 自化医药 | 8.48 | 2.17% | 48.33万 | | 4.09亿 | | 300404 | 博济医药 | 11.20 | 1.17% | 47.49万 | | 5.34亿 | | 300149 | 睿智医药 | 13.75 | 1.03% | 163.19万 | | 23.44亿 | | 0 ...

CRO概念板块短线走低，皓元医药跌超10%，药石科技、海特生物、昭衍新药、凯莱英等跟跌。 ...

Core Viewpoint - Shanghai Haoyuan Pharmaceutical Co., Ltd. has decided not to exercise the early redemption rights for its convertible bonds, "Haoyuan Convertible Bonds," despite meeting the conditions for redemption, to protect investor interests and demonstrate confidence in the company's long-term development and intrinsic value [2][12]. Group 1: Convertible Bond Issuance and Redemption - The company issued 8.2235 million convertible bonds with a total amount of 822.35 million yuan, with a maturity of 6 years [3]. - The bonds were listed on the Shanghai Stock Exchange on December 19, 2024, under the code "118051" [4]. - The initial conversion price was set at 40.73 yuan per share, later adjusted to 40.58 yuan and then to 40.59 yuan due to corporate actions [5][8]. Group 2: Redemption Conditions and Triggering Events - The redemption clause allows the company to redeem the bonds if the stock price exceeds 130% of the conversion price for at least 15 out of 30 consecutive trading days [9][11]. - From July 8 to July 29, 2025, the stock price met the redemption condition, triggering the right to redeem the bonds [11]. Group 3: Board Decision and Future Considerations - The board of directors convened on July 29, 2025, and unanimously decided not to exercise the early redemption rights for the bonds [12]. - The company will not exercise the redemption rights for the next three months, and if the redemption conditions are met again after October 30, 2025, the board will reassess the situation [12][17]. Group 4: Related Party Transactions - During the six months prior to the redemption condition being met, there were no transactions of the convertible bonds by major shareholders and executives, ensuring compliance with regulations [13][14]. Group 5: Compliance and Verification - The sponsoring institution confirmed that the decision not to redeem the bonds was approved by the board and complied with relevant regulations and guidelines [15][16].

Core Insights - The Chinese pharmaceutical industry is experiencing a resurgence after three years of stagnation, driven by high-value licensing deals from multinational pharmaceutical companies [1][2] - There is a significant interest from overseas investors in Chinese biopharmaceutical companies, with a notable increase in licensing agreements and IPO activities [2][8] - The trend of "licensing out" Chinese drug candidates to foreign companies is becoming more common, providing Chinese firms with milestone payments and a share of sales revenue [4][6] Group 1: Market Dynamics - As of mid-July, approximately 288 companies are waiting for IPOs in Hong Kong, many of which are biopharmaceutical firms seeking to list under the 18A rule [1][8] - The Hong Kong medical sector has seen a 54% increase this year, significantly outperforming the MSCI China Index, which rose by 17% [8] - The average price-to-earnings (PE) ratio for the sector is around 30 times, placing it in the 15th percentile of its valuation range over the past five years [8] Group 2: Investment Trends - U.S. investment banks are playing a crucial role in facilitating these licensing deals and IPOs, with cornerstone investors contributing 42% of IPO financing this year, two-thirds of which comes from overseas [1][12] - The trend of U.S. pharmaceutical companies seeking to lower costs through partnerships with Chinese firms is expected to continue, especially in light of U.S. drug pricing policies [2][6] Group 3: Licensing Agreements - The number of licensing transactions from China has increased significantly, with 35 deals in 2023 and projected to reach 43 in 2024, alongside a total upfront payment of $2.957 billion in 2023 [3][6] - Notable licensing agreements include Akeso's ivonescimab, which was licensed to Summit Therapeutics for a total value of $5 billion, marking one of the largest overseas licensing deals in Chinese biopharmaceutical history [7][6] Group 4: Future Outlook - Chinese biopharmaceutical companies are increasingly able to produce globally recognized clinical data, particularly in competitive fields like oncology and immunology [2][6] - The shift from merely selling drug pipelines to achieving global commercialization is essential for the future growth of Chinese pharmaceutical companies [13][15] - There is a need for Chinese firms to enhance their innovation capabilities and international execution to compete effectively on a global scale [14][15]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 自 2025 年 7 月 8 日至 2025 年 7 月 29 日期间，上海皓元医药股份有限 公司（以下简称"公司"或"皓元医药"）股票满足在连续三十个交易日中有十 五个交易日的收盘价不低于"皓元转债"当期转股价格（40.59 元/股）的 130% （含 130%，即 52.77 元/股），已触发《上海皓元医药股份有限公司向不特定对 象发行可转换公司债券募集说明书》（以下简称"《募集说明书》"）中规定的有 条件赎回条款。 公司于 2025 年 7 月 29 日召开第四届董事会第十次会议，审议通过了 《关于不提前赎回"皓元转债"的议案》，决定本次不行使"皓元转债"的提前 赎回权利，不提前赎回"皓元转债"。 | 证券代码：688131 | 证券简称：皓元医药 | 公告编号：2025-096 | | --- | --- | --- | | 转债代码：118051 | 转债简称：皓元转债 | | 上海皓元医药股份有限公司 关于不提前赎回"皓元转债"的公告 未来三个月内 ...

民生证券股份有限公司 关于上海皓元医药股份有限公司 不提前赎回"皓元转债"的核查意见 民生证券股份有限公司（以下简称"民生证券"或"保荐机构"）作为上海 皓元医药股份有限公司（以下简称"皓元医药"或"公司"）向不特定对象发行 可转换公司债券的持续督导机构，根据《证券发行上市保荐业务管理办法》《可 转换公司债券管理办法》《上海证券交易所上市公司自律监管指引第 12 号——可 转换公司债券》《上海证券交易所科创板股票上市规则》等有关法律法规和规范 性文件的要求，对皓元医药不提前赎回"皓元转债"的事项进行了核查，具体情 况如下： 一、可转债发行上市概况 因公司于 2025 年 6 月 30 日完成了 2022 年限制性股票激励计划首次授予部 分第三个归属期以及预留部分第二个归属期的归属登记手续，公司总股本由 210,961,003 股增加至 211,609,573 股。因 2022 年限制性股票激励计划首次授予 部分第三个归属期以及预留部分第二个归属期归属的股票总数占公司总股本的 比例较小，本次归属完成后，"皓元转债"转股价格不变，仍为 40.58 元/股。 （一）可转债发行情况 经中国证券监督管理委员会《关于同意 ...

Investment Rating - The report recommends a "Buy" rating for multiple companies in the pharmaceutical sector, including Junshi Biosciences, Hualan Biological Engineering-B, and others [3]. Core Insights - The pharmaceutical sector has shown a 1.90% increase this week, outperforming the CSI 300 index by 0.21 percentage points. Sub-sectors such as pharmaceutical outsourcing, vaccines, and medical consumables performed well, while innovative drugs lagged behind [6][42]. - The report emphasizes the potential of the 4-1BB target in cancer treatment, particularly the PD-L1/4-1BB bispecific antibodies, which may address the limitations of PD-1/PD-L1 monotherapy [5][16][17]. Summary by Sections Industry Viewpoints and Investment Recommendations - 4-1BB is recognized as a promising target for tumor therapy, enhancing T cell activation and survival, which is crucial for effective immune responses against cancer [16]. - Investment strategies focus on the innovative drug sector, driven by increased liquidity and risk appetite, with a recommendation to pay attention to companies with strong pipelines in bispecific antibodies and ADCs [6][38]. Pharmaceutical Industry Market Performance - The pharmaceutical sector's overall P/E ratio is reported at 30.67 times, with a premium of 40.37% compared to the overall A-share market excluding financials [42]. Company Dynamics - Notable company developments include: - LIZHU Group's successful Phase III trial for a monoclonal antibody for psoriasis [43]. - Baiyang Pharmaceutical's planned share reduction by its major shareholder [43]. - Mylab's new medical device approval, enhancing market competitiveness [44]. Industry Dynamics - The report highlights the increasing focus on innovative drug development and the potential for significant market opportunities in the context of upcoming patent expirations for key small molecule drugs [38].

Core Points - The company has approved the second unlock period for its stock incentive plan, allowing 119,000 shares to be released from restrictions on August 4, 2025 [1][21][23] - The stock incentive plan includes two types of restricted stocks, with a total of 1.1 million shares granted, representing 0.73% of the company's total share capital [2][13] - The performance targets for the unlock conditions are based on revenue growth, requiring a minimum increase of 25% for 2023 and 60% for 2024 compared to 2022 [4][17] Summary of the Incentive Plan - The stock incentive plan consists of two categories: first-class and second-class restricted stocks, with 110,000 shares granted in total [2][13] - The first-class restricted stocks have a grant price of 32.00 yuan per share, and the unlock conditions are tied to both company and individual performance assessments [2][4] - The first unlock period allows for 50% of the shares to be released after 12 months, while the second unlock period allows for another 50% after 24 months [2][5] Performance Assessment - Company-level performance assessment requires achieving specific revenue growth targets, with the first unlock period tied to a 25% increase and the second to a 60% increase [4][17] - Individual performance assessments categorize results into five levels, determining the percentage of shares that can be unlocked based on individual performance [18][19] Legal and Compliance - The company has received necessary approvals and legal opinions confirming compliance with relevant laws and regulations regarding the stock incentive plan [23] - The legal opinion states that the conditions for the second unlock period have been met, and the actions taken are in accordance with the company's articles of association and applicable laws [23]

| 证券代码：688131 | 证券简称：皓元医药 | 公告编号：2025-095 | | --- | --- | --- | | 转债代码：118051 | 转债简称：皓元转债 | | 上海皓元医药股份有限公司 2023 年限制性股票激励计划第一类限制性股票 第二个解除限售期解除限售暨上市公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 119,000股。 本次股票上市流通总数为119,000股。 本次股票上市流通日期为2025 年 8 月 4 日。 上海皓元医药股份有限公司（以下简称"公司"或"皓元医药"）于 2025 年 7 月 18 日召开的第四届董事会薪酬与考核委员会第四次会议和第四届董事会第九次 会议，审议通过了《关于公司 2023 年限制性股票激励计划第一类限制性股票第二 个解除限售期解除限售条件成就的议案》，根据公司 2023 年限制性股票激励计划 （以下简称"本次激励计划"）等的相关规定及公司 2023 年第二次临时股东大 ...